Considering the $23.6 million Taupa Lithuanian Credit Union’s rosy financial performance reports, there’s more to the story of why the Ohio Division of Financial Institutions liquidated the Cleveland, Ohio credit union on Friday.

According to financials posted on the NCUA’s website, the credit union reported 10.31% net worth, 0.78% delinquencies and no charge offs as of March 31. One abnormal financial statistic was cost of funds, which at 0.87% was much higher than the peer average of 0.36%.

However, the failed credit union’s website revealed it was not paying above average dividends to members: savings accounts paid just 0.15% APY, while checking dividends varied from 0.01% to 0.10%, depending upon balance. The highest dividend paid was 0.40% APY on a $25,000 or larger certificate.

Liquidity was not an issue, indicating the credit union did not have outstanding borrowings that were driving up cost of funds. The credit union’s loan-to-share ratio as of March 31 was less than 35%, far below peer averages. And, the institution reported a considerable amount of cash on its books, more than $15 million as of March 31, with just $729,595 in investments. Total loans were $7.4 million during that period.

The credit union was even reporting a healthy profit, with a 0.42% ROAA as of March 31.

According to a release, the Ohio DFI made the decision to liquidate the 1,154 member cooperative and discontinue its operations after determining the credit union had no prospect for restoring viable operations.

The NCUA was named liquidating agent, but NCUA Public Affairs Specialist John Fairbanks said he could not make any additional comment beyond the release.

Chartered in 1984, Taupa Lithuanian served the Lithuanian community of Cleveland and Northeast Ohio. On its website, the credit union claimed it earned a five-star rating from Bauer Financial.